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Blockchain Technology: Secured Way Against Barriers of R&D Practice

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In today’s pandemic, you can say that all efforts made gear towards developing a vaccine based on combined research findings shared by the global community. However, during the process itself, barriers and problems arise among scientists involved in the research and development (R&D). These hindrances then slow down the progress of finding an amenable cure that will solve this crisis at once.

Combined efforts are necessary to contribute possible solutions for the development of vaccines. Since they make transactions virtually, risks adhere to the confidentiality and safety of the information sent by one entity to another. Moreover, concerns about attribution ambiguity cause misunderstandings that often lead to distrust, as sending information online unprotected can allow another party or researcher to steal the credit for the idea received.

Other potential barriers observed include:

  • Procedural Delays: The lack of trust challenges cooperation between international parties. Involved countries often fear that sharing benefits may become unfair once foreign parties make use of their resources. This lack of transparency for reciprocated resources delays the process.
  • Secrecy and Disintegrated R&D: Barriers can also arise from data sensitivity, impaired trade, as well as from individual interests and systemic incentives.

Different scientists came up with their published research and findings to suggest a probable solution to address these concerns. Researchers from Vrije Universiteit Amsterdam and its team recommend blockchain technology as possible protection for researchers’ interests and rights as they work on the cure for COVID-19. The researchers issued the symposium piece in the journal Science.

They further suggest that there are recent advances for blockchain that allow decentralized mechanisms to disintegrate systemic barriers and resolve former blockchain models’ issues. They added that this advancement interconnects with existing deep-rooted systems and implementations for sharing, storing, and governing resources.

Blockchain Defined: Its Benefits, Limitations, and Future Prospects

Blockchain is an applied science that serves as the premise for cryptocurrencies like Litecoin. It functions as a ledger for transactions associated with digital currencies. It is a wholly dispersed public ledger. It means that it does not require central storage for data, and it does not need a third party for its open, decentralized system.

Blockchain is a record of linked and encrypted blocks. It would help if you took the necessary precautions as each block cannot be changed or removed without tearing down the entire chain.

Although it has a strict framework, it has many benefits like:

  • It allows data dissemination with equal access, along with a verifiable research
  • It permits access for sensitive data from researchers and institutions to recipients they trust.
  • It owns cryptographic data-structuring, where records cannot be changed or removed without notice.
  • Its record-keeping framework is tamper-resistant.
  • It facilitates trustful sharing and compliance facilitation.

Though the researchers acknowledged that blockchain could not remove all barriers, its current use goes beyond cryptocurrency. It has sociopolitical and technical issues that political involvement at a global governance level could address. With its recent advancement, we can research blockchain’s other possible uses and apply them for more purposes.

How do you plan to use blockchain’s technology in your thesis?

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